IRON is a collateralized stablecoin backed by USDC and Titan. It is run by the Polygon-based Iron Finance network and pegged to the U.S. dollar. In this DeFi project, users can mint IRON stablecoins by locking up 25% in TITAN and 75% in USDC on the Iron Finance network. However, this means that when new IRON coins are minted, demand for Titan increases, which can lead to an unstable peg.